FOR IMMEDIATE RELEASE March 14, 2004
Marianna Ohe (202) 565-3200
WASHINGTON, D.C.- Saba Inc., a mid-sized company located in Memphis, Tennessee, will provide $20 million of engineering, design and construction services to build a business and residential center in Baku, Azerbaijan, backed by a $19.3 million loan guarantee from the Export-Import Bank of the United States (Ex-Im Bank).
Helping mid-sized U.S. companies compete globally is exactly the business Ex-Im Bank wants to be more involved in, said Ex-Im Bank Chairman Philip Merrill.
With the support of Ex-Im Bank, Saba is able to build its first project in Azerbaijan, an important new market for us, said Saba President John Osteen.
Saba, a privately-held company in business for 24 years, overcame competition from foreign firms supported by their governments to win the turnkey contract from General Construction LLC in Nahchivan, Azerbaijan. Saba will build a 23,500-square-meter, seven-story office building with shopping center and apartment residences.
It is Ex-Im Bank's seventh sizeable financing of Saba sales to foreign markets including Russia, Turkey and Turkmenistan for a total of $285 million in financing.
The guaranteed lender on the transaction is Commerzbank AG, New York, N.Y.
Ex-Im Bank this year marks its 70th year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export credit insurance, and direct loans. In fiscal year 2003, Ex-Im Bank, an independent federal agency, authorized financing to support $14.3 billion of U.S. exports worldwide. For more information on Ex-Im Bank visit //www.exim.gov.